The only thing that really scares me are limestone foundations as you would need to replace large sections of walls.

Remodeled kitchen and replaced carpet with LVP (luxury vinyl plank).

Thought I could've gotten a bit more but needed the property rented. 1 thing to note that I learned is we shouldn't have cut costs on tub replacement, Should've just bit the bullet.

You can also try replacing the gaskets if the unit is less than 2-3 years old.

Many times the furniture will be good enough to get you started, but you may want to replace/update old furnishings to stay competitive. 

So I was initially going to sell my house but the buyer backed out due to roof needing replaced and didn't want to negotiate... that being said I am thinking about refinancing it instead to lower the payment and get rid of PMI so I can cash flow the property and hold onto it.

I'd get my money out and replace it with a conventional loan, and cash out the owner as fast as possible if you decide to hold. 

We would place the condenser on the roof so it would be out of sight and not an eye sore.The question: Since I'd be turning this into a modern home with nice finishes will the property appraise the same way regardless of if it has HVAC or a mini split system?

I've seen the bad side (although that was 2010-12 or so, so I am old and biased) when inspections was a PITA and at least once cost me more in collective 'inspections fees' than the water tank replacement. 

Purchase price: $1,055,000 Cash invested: $620,000 Sale price: $2,240,000 Sherman Oaks single family home repositioned with addition, new master deck, updated and newly formatted pool/spa and new modern farmhouse design.